News

Egypt’s Foreign Currency Reserves Rise to $US 26.3 Billion

Egypt’s Foreign Currency Reserves Rise to $US 26.3 Billion

Stock photograph

Egypt’s net foreign currency reserves continue to rise, reaching $US 26.363 billion at the end of January, announced the Central Bank of Egypt (CBE) over the weekend.

According to CBE, Egypt’s foreign reserves increased by more than $US 2 billion. At the end of December, the reserves stood at $US 24.265 billion.

The continued increase comes after the International Monetary Fund (IMF) sent Egypt the first $US 2.75 billion of a $US 12 billion loan.

After being granted the loan, Egypt floated the currency per the IMF’s recommendations.

Since the currency was floated, the EGP has reached a high of EGP 19.00 per USD 1.00 and continues to fluctuate.

Egypt’s foreign exchange reserves prior to the 2011 revolution amounted to around USD 36 billion, before the country entered a period of political and economic turmoil that negatively impacted tourism and foreign investments.

Egypt Hails Trump Criticism of Western Media Coverage of Terrorist Attacks
Egypt Military Kills 14 Terrorists in Central Sinai

Subscribe to our newsletter


News

More in News

Long-Awaited Naguib Mahfouz Museum to Open End of June

Egyptian StreetsJune 19, 2019

Who Was Mohamed Morsi? A Timeline of His Rise and Fall

Egyptian StreetsJune 18, 2019

Turkey, Qatar Only Countries to React to Morsi’s Death

Egyptian StreetsJune 18, 2019

Egypt’s Former President Mohamed Morsi Dies of a Heart Attack in Court

Egyptian StreetsJune 17, 2019

First Creative Entrepreneurship Event in Egypt For Women

Egyptian StreetsJune 16, 2019

Cairo’s Third Metro Line Fare Prices Increase to EGP 5 – EGP 10

Egyptian StreetsJune 16, 2019

Aguirre: I Will Leave If I Don’t Achieve Egypt’s Targets

Egyptian StreetsJune 15, 2019

Egyptian MP Proposes Abolishing Plastic Bags in Favour of Eco-Friendly Alternatives

Egyptian StreetsJune 11, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.